Integrated Energy Services (IES)

Integrated Energy Services (IES) provides an integrated service for clients under flexible commercial models that are aligned with their requirements. Our projects cover upstream developments – both greenfield and brownfield – and related energy infrastructure projects.

IES deploys the Group’s capabilities using a range of commercial frameworks, including Production Enhancement Contracts (PECs) and traditional equity upstream investment models including both Production Sharing Contracts (PSCs) and concession agreements:

Our priority continues to be to manage the IES portfolio to maximise value. Divestments are considered once assets reach the point in their life cycle when our services contribution is diminished.

Delivering on our strategy priority to reduce capital intensity

  • In June 2018, we agreed the sale of our entire 45% interest in the Chergui asset in Tunisia to Perenco.
  • In July 2018, we signed an agreement to sell 49% of our operations in Mexico to Perenco.
  • In August 2018, we agreed the sale of our 20% interest in the Greater Stella Area development and 24.8% interest in the FPF1 floating production facility.

These agreements mark further milestones in the Group’s strategy to transition back to a capital light business model.

Summary of key IES projects

Key IES projects